• Canara Bank Personal Loan

    Canara Bank offers personal loans of up to Rs.3 lakh under the Canara Budget and Canara Teachers Loan schemes. The loans can be availed at interest rates starting at 12.05% p.a. with nominal processing fee. Loan repayment tenure can go up to 5 years.

    Canara Bank Personal Loan Details 

    Interest Rate  12.05% p.a. onwards  
    Loan Amount   Up to Rs.3 lakh or 6 to 10 times of gross salary 
    Loan Tenure   3 months to 18 months
    Processing Fee   0.5% to 1% of loan amount 
    More

    Features of Canara Bank personal loan

    • Easy access to loans for various reasons like marriage, home renovation, higher education, etc.
    • Affordable interest rates and other charges
    • Minimal documentation process

    Canara Bank recently announced three types of loan schemes which their customers can avail as per to meet their financial requirements during the Covid-19 pandemic. We will have a look at these schemes and what they offer. 

    Canara Suraksha personal loan scheme 

    This is a personal loan scheme offered by Canara Bank and will be valid till 30 September 2021. A customer looking to apply for a loan can avail loan amount ranging between Rs.25,000 and Rs.5 lakh. This loan can help a person meet the cost of Covid-19 treatment and pay the medical bills without any worries.  

    Apart from that, under this scheme, the customer will also be offered a moratorium of six months. 

    Canara Chikitsa healthcare credit facility 

    This loan scheme will be valid till 31 March 2022 and can be availed at a very concessional rate of interest. The tenure for the repayment of loan is up to 10 years. The bank will also offer a moratorium period of up to 18 months. 

    Canara Jeevanrekha healthcare business loan 

    The lender will offer a loan of up to Rs.2 crore at a very concessional rate of interest to allow a smooth supply of healthcare products including oxygen cylinders to hospitals and nursing homes as well as for other manufacturing companies and suppliers. 

    Micro, small and medium enterprises (MSMEs) looking to avail this loan will not be required to provide any collateral as the bank will take care of it under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and pay the required premium. Apart from that, the lender will also not charge any processing fee on the loan amount availed. 

    However, for non-MSMEs, the collateral required will be a minimum of 25%. This loan scheme will remain valid till 31 March 2022. 

    Compare Canara Bank personal loans

    There are two different types of personal loan products offered by Canara Bank. These loans are mainly intended for customers to take care of their immediate financial requirements.

    Let’s compare the interest rate and other features of these loans.

    Canara Budget
    Interest Rate 12.40% to 14.45%
    Loan Amount Maximum of Rs.3 lakh or 6 times the monthly gross income (whichever is less) is offered as loan under this scheme.
    Benefits Minimal documentation with loan sanctioning within just a few weeks
    Canara Teachers Loan
    Interest Rate 12.05% to 14.10%
    Loan Amount A maximum loan amount of Rs.3 lakh or 10 times the gross monthly income (whichever is less) is available under this scheme.
    Benefits Minimal documentation with loan sanctioning within just a few weeks

    Fees and charges

    The processing fees associated with Canara Bank personal loans are given as follows:

    Canara Budget 0.5% of the loan amount must be paid as processing fees.
    This is subject to a minimum of Rs.1,000 and maximum of Rs.5,000.
    Canara Teachers Loan 1% of the loan amount is charged as processing fee under this scheme.
    This is subject to a minimum of Rs.50.
     

    Eligibility for Canara Bank personal loans

    The eligibility criteria for both loan products offered by Canara Bank personal loans differ slightly from each other. They are given as follows:

    Canara Budget

    • This loan facility is available to salaried employees of joint stock companies as well as public sector units.
    • Various government officials may also apply for this loan.
    • The applicant must have at least Rs.10,000 per month or 25% of his take home salary (whichever is higher) after paying the loan installments.
    • The loan facility is available only for those who have their salary accounts in Canara Bank.

    Canara Teachers Loan

    • This loan scheme is designed exclusively for the teaching and non-teaching staff working in a school or college.
    • This loan facility is available only for teachers who have their salary accounts in Canara Bank.
    • The applicant must have at least Rs.10,000 per month or 30% of his monthly take home salary after meeting the monthly EMI obligations.

    Documents required

    • 3 passport size photographs
    • Latest salary slip
    • Form 16 or ITR for the last 3 years
    • Co-obligation document
    • Pronote or pronote covering letter

    How the EMI calculation works?

    Illustration

    Let’s assume that you take a personal loan from Canara Bank for Rs.1 lakh. The interest rate applicable to this loan is 13% p.a. for a repayment tenure of 1 year. The EMI information and repayment schedule for the loan is given as follows:

    Months Principal Interest EMI Balance Percentage of loan paid to date
    Apr Rs.7,848 Rs.1,083 Rs.8,932 Rs.92,152 7.85%
    May Rs.7,933 Rs.998 Rs.8,932 Rs.84,218 15.78%
    Jun Rs.8,019 Rs.912 Rs.8,932 Rs.76,199 23.80%
    Jul Rs.8,106 Rs.825 Rs.8,932 Rs.68,093 31.91%
    Aug Rs.8,194 Rs.738 Rs.8,932 Rs.59,899 40.10%
    Sep Rs.8,283 Rs.649 Rs.8,932 Rs.51,616 48.38%
    Oct Rs.8,373 Rs.559 Rs.8,932 Rs.43,243 56.76%
    Nov Rs.8,463 Rs.468 Rs.8,932 Rs.34,780 65.22%
    Dec Rs.8,555 Rs.377 Rs.8,932 Rs.26,225 73.78%
    Jan Rs.8,648 Rs.284 Rs.8,932 Rs.17,577 82.42%
    Feb Rs.8,741 Rs.190 Rs.8,932 Rs.8,836 91.16%
    Mar Rs.8,836 Rs.96 Rs.8,932 Rs.0 100.00%

    Compare Canara Bank personal loan with loans from other lenders

    Fees and charges Canara Bank Personal Loan HDFC Bank Personal Loan Citibank Personal Loan Aditya Birla Capital
    Interest rate 12.05% p.a. onwards 10.75% p.a. onwards 10.50% p.a. onwards 14% p.a. onwards
    Processing fee 0.5% + GST 2.5% + GST 0.50% to 3.00% + GST At the discretion of the lender
    Foreclosure charges Contact the bank for details 2% to 4% of the outstanding loan amount 4% of the principal outstanding Contact the bank for details
    Late payment fee Contact the bank for details 2% of the overdue amount per month Contact the bank for details At the discretion of the lender

    Brief Summary

    Canara Bank is one of the renowned public sector banks in India. The bank has different types of loan products to help customers who need financing for various purposes. The personal loan products offered by the bank are designed to provide instant relief against a person’s domestic needs. The money obtained from a Canara Bank personal loan could be used for anything ranging from financing of your home renovation to taking care of an unexpected medical expense. The personal loan offered by the bank starts with an interest rate of 13% for non-government employees.

    FAQs for Canara Bank Personal Loan

    1. Are there any restrictions imposed by the bank on how I spend the loan amount?

      No. The bank does not impose any restrictions on how you spend the loan amount. You may use it for any domestic or personal needs including wedding, higher education, or urgent medical expenses, etc.

    2. How can I keep track of my loan application?

      If you apply for the loan through Bankbazaar, you can get notifications in the form of SMS and email. You may also use the Bankbazaar mobile app to keep track of your application.

    3. What is the current lending rate of Canara Bank?

      The current one-year marginal cost of funds-based lending rate (MCLR) of Canara Bank is 8.70% with effect from 7 October 2018. The bank may modify this rate based on changes in market conditions. The interest rates for various loan products are calculated based on this rate. For instance, the interest rate for Teachers Loan is 12.65%, which is nothing but one-year MCLR + 3.95%.

    4. What is the maximum repayment tenure available for Canara Bank personal loans?

      The maximum repayment tenure for the Canara Budget loan is 60 months. For Canara Teachers Loan, the maximum repayment tenure is 48 months.

    5. Why should I provide co-obligation for getting these loans?

      In the case of unsecured personal loans, there is no collateral with which the bank can recover the loan amount in case of a default. This is the reason why the personal loans offered by Canara Bank require co-obligation. This co-obligation must be provided by a suitable individual and it should be equivalent to the loan amount.

    6. What is the maximum personal loan amount offered by Canara Bank?

      Canara Bank offers a maximum loan amount of Rs.3 lakh under both its personal loan schemes. However, for certain cases, the bank may consider a higher quantum if the applicant is a valued customer. You may visit the bank directly to enquire about the higher quantum of personal loan available.

    7. I am an engineering student who holds a savings account in Canara Bank. Can I get a personal loan under the Canara Budget scheme?

      No. Canara Bank personal loans are offered only for salaried employees of various government and non-government institutions. You must have regular income and provide proof of employment before the loan application can be processed by the bank. If your parents are salaried employees, you may ask them to take a personal loan.

    8. Is it possible to get a discount in interest rates for personal loans?

      The interest rates for personal loans offered by Canara Bank are fixed. It is not possible to get a discount on these interest rates for any reason. Special interest rates are provided only for BSNL employees.

    9. How to check Canara bank personal loan status?

      You can check Canara bank personal loan status either online or offline. All you need to do is quote the application number provided at the time of submitting the application.

    10. How to contact Canara bank personal loan customer care?

      Canara Bank personal loan customer care can be contacted by calling on 1800 425 0018.

       
        

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    Canara Bank Personal Loan Reviews

    • Canara Bank
      "Excellent Service "
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan direclty through Canara Bank.The rate of interest and the processing fee was medium .I have taken this loan before 2 years only and the loan amount was 75000 for the tenure of 35 months .Still 8 emi is there to close this loan.This loan was sanctioned within a week and this loan was availed for education purpose.The process was very smooth and comfortable .
      Was this review helpful? 34
      , chennai
      Reviewed on Mar 18, 2020
    • Canara Bank
      Canara Bank
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from CANARA Bank and the loan amount was Rs. 3L. The rate of interest was normal and still its active, i have taken for the tenure of 3 years. I am paying EMI of Rs. 9000 and they given a good service and it got approve with in 3 days.
      Was this review helpful? 11
      , dindigul
      Reviewed on Feb 20, 2020
    • Canara Bank
      "Not easy to get a personal loan"
      0.5 3.0/5 "Satisfactory"
      Canara Bank interest rate is very high and their documentation process also very tough. This is my salary account so that they have contacted me to take the loan. Got the loan amount of Rs. 5 lakhs and the offered interest was 14.75%. I have been paying the EMI amount of Rs. 10500 approximately for the duration of about 5 years.
      Was this review helpful? 11
      , delhi
      Reviewed on Feb 16, 2020
    • Canara Bank
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have taken personal loan directly through Canara Bank .The rate of interest and the processing fee was very less .The loan amount got sanctioned within 15 days .I have submitted the required documents through the agent.I am payig Rs.5000 as EMi every month .I have availed 1.7lakhs for the tenure of 3years .
      Was this review helpful? 19
      , bangalore
      Reviewed on Jan 03, 2020
    • Canara Bank
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      In my home branch i have got the personal loan from Canara bank. Even though its a nationalized bank the service was good and i got the loan easily since i have a salary account with them. They have provided me a low interest rates. I have done pre-closure this loan for that they haven't charged me anything and the processing fee also less.
      Was this review helpful? 6
      , chennai
      Reviewed on Dec 05, 2019
    • Canara Bank
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had applied a personal loan with Canara bank directly. I was eligible for loan amount 10lakhs but I opted only 6 lakhs with rate of interest 9% and tenure is 6 years. The EMI is Rs.10,800 would be debited from my salary. Documentation is very less and loan amount credited with in 3 days.
      Was this review helpful? 9
      , hosur
      Reviewed on Nov 25, 2019
    • Canara Bank
      "Good Service"
      0.5 2.0/5 "Expected more"
      I have availed personal loan directly through Canara Bank.The rate of interest was high since requirement was there i have taken this loan.I have got this loan amount on time without any drawbacks .I have got all the relevant details about the loan process very clearly through the agent .I am really satisfied with the service so far .
      Was this review helpful? 5
      , faridabad
      Reviewed on Oct 22, 2019
    • Canara Bank
      "Good Loan"
      0.5 3.0/5 "Satisfactory"
      The process is not that much user friendly. There is no separate customer care service for any kind of clarification i need to visit their branch. Once i visit the staffs are supportive. The bank timing is not convenient for working people. They will provide the tenure period of 10 years for the loan amount of Rs. 8 lakhs.
      Was this review helpful? 5
      , chennai
      Reviewed on Aug 22, 2019
    • Canara Bank
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan from CANARA BANK one one and a half year before. The interest rate has been nominal and the charges which they had made also not much high.Since I am holding a salary account with them the process was easy. They have provided with sufficient amount for the tenure period of 6 years.
      Was this review helpful? 4
      , narwana
      Reviewed on Aug 13, 2019
    • Canara Bank
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan from CANARA BANK two months back and the experinece i had with them was good. The interest rate has been nominal and the charges whcih they had made has also not been high. Their customer support team hadd been helpful and they where responsive.
      Was this review helpful? 14
      , bangalore
      Reviewed on Jun 24, 2019
    • Canara Bank
      "Good Interest rate for personal loan"
      0.5 5.0/5 "Blown Away!"
      Previously , I taken a 50,000 as a personal loan from Canara bank . They just taken three days for sanctioning the loan . I closed that loan in on time and now I applied for the another loan of more than 1 lakh . That will be sanctioned with 2-3 days of time . Even their interest rate is nominal .
      Was this review helpful? 21
      , chennai
      Reviewed on Apr 15, 2019
    • Canara Bank
      "VERY GOOD"
      0.5 5.0/5 "Blown Away!"
      I had taken the personal loan form canara bank.Payment option is very easy if we are holding the savings account.There is no processing fee,rate of interest is very less.Time frame is quite long but the fees and charges are very less.Proper documentation was done.I had taken personal loan for 2 times which is very helpful.
      Was this review helpful? 12
      , coimbatore
      Reviewed on Mar 30, 2019
    • Canara Bank
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with CANARA BANK , the tenure period is 1 year . They charge high rate of interest compare to other . The loan amount is 50000 and it is very satisfactory with this bank . Rate of interest is high . There is no hidden charges with this bank .
      Was this review helpful? 16
      , gurgaon
      Reviewed on Mar 17, 2019
    • Canara Bank
      "Good bank for personal loan"
      0.5 3.0/5 "Satisfactory"
      Bought my personal loan from Canara bank. 15 years ago, i have got this card and the rate of interest was low. They have offered me a loan through company wise. The EMI has been deducted through the salary. I have chosen the tenure period for 3 years.
      Was this review helpful? 16
      , bangalore
      Reviewed on Jan 26, 2019
    • Canara Bank
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Personal loan with Canara bank and i would say they were good in services. I never had any complaint with the services. When i had submitted the application, it was processed on time. There was no delay and overall i carried a good experience. The loan has been closed.
      Was this review helpful? 7
      , chennai
      Reviewed on Dec 19, 2018
    • Canara Bank
      "Processing should be simpler"
      0.5 3.0/5 "Satisfactory"
      Before 2 years I took loan with Canara Bank, I have to visit to the bank twice or thrice. When directly going to the bank to take long time finally they taken 1.5 month to disburse the loan, The interest rate is low compared to Citi, but getting guaranteer is difficult. They were charging all the processing fee too.
      Was this review helpful? 9
      , bangalore
      Reviewed on Dec 05, 2018
    • Canara Bank
      "Good Customer service"
      0.5 5.0/5 "Blown Away!"
      I do have Canara bank personal loan , its my nodel bank I have working in debt recovery. The bank gave me best interest rate, the loan process was also quick it went very smoothly. Everything completed within half working day and disbursed the loan with 2 days.
      Was this review helpful? 9
      , bangalore
      Reviewed on Nov 30, 2018
    • Canara Bank
      "Its Good"
      0.5 4.0/5 "Great!"
      I took personal loan based on the saving account, they gave me the interest around 7.5% for the loan amount Rs. 4 lakhs, the bank staff are cooperative and helpful with me. They processed my application within 24 hours they disbursed the loan amount.
      Was this review helpful? 14
      , bangalore
      Reviewed on Nov 14, 2018
    • Canara Bank
      "Good service"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with CANARA BANK , they offered 12.99% interest rate and it is nominal in the market . There is no processing fee with this bank . The process and services was too smooth i receive my loan on time . Loan amount is 200000 and it is satisfactory .
      Was this review helpful? 19
      , bangalore
      Reviewed on Oct 22, 2018
    • Canara Bank
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Canara bank and my experience was good, the loan amount was for Rs 2 lacs with nominal interest rate when compared to other banks. Customer service was good and they responded on time; The tenure period for this loan is 3 years.
      Was this review helpful? 27
      , bangalore
      Reviewed on Sep 29, 2018
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